MirLand prices overall NIS 240 million of 7.21% series E bonds

By Jennifer Chiou

New York, July 25 - MirLand Development Corp. plc announced the results from its follow-on public offering of new series E bonds that will bear interest at 7.21%. It priced another NIS 47 million of the bonds in Israel to bring the total amount to NIS 240 million.

As announced earlier in the week, MirLand accepted bids from institutional investors in Israel for roughly NIS 193 million, or $54 million, of 7¼% bonds.

According to a filing with the London Stock Exchange, the company received overall bids of NIS 355 million, or about $99.4 million, from the institutional investors and bids from the public for NIS 66 million.

The bonds have a rating of "ilBaa1/stable" on a local Israeli scale by Midroog, a subsidiary of Moody's Investors Services.

MirLand is a Cyprus-based real estate developer that primarily functions in Russia but also has subsidiaries in Israel and Hungary.

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